Greenbacker

What Greenbacker does

Greenbacker is a privately held, multi-strategy investment manager and independent power producer founded in 2011 and headquartered in New York. The company operates an integrated platform combining investment management — through Greenbacker Capital Management (GCM) — with direct asset ownership and operation through Greenbacker IPP. GCM raises capital from high-net-worth individuals (via financial advisors) and institutional investors (pension funds, endowments, family offices) across multiple branded strategies including GREC and GREC II (sustainable infrastructure), GDEV (private equity for distributed energy platforms), and GROZ (Qualified Opportunity Zones), generating revenue through management fees and performance fees. Greenbacker IPP owns and operates a diversified 3.3 GW fleet of utility-scale solar, wind, and battery energy storage assets spanning 18 US states, producing and selling clean power across wholesale energy markets.

The asset portfolio includes flagship utility-scale projects such as the 240 MWdc Appaloosa Solar (Utah), the 104 MWdc Graphite solar plant (Utah), the 61 MW Turquoise solar plant (Nevada), the 57 MW Altamont wind project (California), and the 30 MW / 120 MWh Holtville battery energy storage system (California), with the 674 MW Cider solar project in New York State under construction. As of March 31, 2026, the company reported $3.1 billion in assets under management, 17.1 million MWh of cumulative clean energy produced since 2016, 120+ employees, and six wholly-owned operating subsidiaries (GCM, IPP, GREC, GREC II, GDEV Management, GROZ).

Greenbacker's business model combines fee-based earnings from managed capital with revenue from direct power generation. Recent strategic activity underscores an aggressive growth and capital-markets posture: in Q1 2026 the company closed a $440 million tax equity financing for Cider solar and over $400 million of portfolio refinancings and loan upsizings with KeyBanc Capital Markets and other banking partners; in January 2026 it divested a 237 MW distributed solar portfolio to Altus Power to concentrate on utility-scale projects; in August 2025 GDEV Management raised over $200 million in Fund II commitments; and in September 2025 Daniel de Boer and Carl Weatherley-White were appointed CEO and CFO to lead the company's next phase of growth and profitability.

Name

Greenbacker

Legal name

Greenbacker Renewable Energy Corporation

Website

https://greenbackergroup.com

Company type

Private

Founded year

2011

Operating status

Operating

Short description

Greenbacker is a private multi-strategy investment manager and independent power producer operating $3.1B in clean energy infrastructure — solar, wind, and battery storage — across 18 US states. It raises capital from individual and institutional investors via multiple branded funds while owning and operating a 3.3 GW generating fleet.

Ownership category

akta.pro rank

Product category

Renewable Energy Investment Management

NAICS

Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Climate Finance Strategy (CapEx planning, green finance, incentives & grants) (EUABAKAG)

Keywords

• Clean energy infrastructure
• Renewable energy investments
• Sustainable investment management
• Independent power production
• Solar energy development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Investment Management Fees: Greenbacker Capital Management (GCM) advises several energy-transition focused investment strategies, generating revenue through management fees from its full suite of capital raising, marketing, and investor services for direct investments to individual and institutional investors.
2. Performance Fees / Carried Interest: GCM identifies areas to deploy capital into real assets and companies across the sustainability asset class, generating performance-based fees alongside management fees.
3. Clean Power Generation and Sales: Greenbacker IPP acquires, owns, and operates hundreds of clean energy infrastructure assets. The IPP business generates revenue by producing and selling clean power across resilient areas of the economy, including solar, wind, and energy storage projects.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Greenbacker operates as an investment manager and independent power producer focused on sustainable infrastructure and clean energy. Through Greenbacker Capital Management (GCM), it provides investment management services, and through Greenbacker IPP, it owns and operates clean energy generation assets including solar projects under sub-brands GREC, GREC II, GDEV, and GROZ.

Product overview

Greenbacker operates as a multi-strategy investment manager and independent power producer (IPP) with two core business segments: Greenbacker Capital Management (GCM), which provides investment management services with capital raising and investor capabilities for energy-transition focused strategies, and Greenbacker IPP, which acquires, owns, and operates clean energy infrastructure assets across solar, wind, and battery storage. The company also offers specialized strategies including Sustainable Infrastructure, Private Equity (GDEV), and Qualified Opportunity Zones (GROZ). The IPP portfolio includes utility-scale solar projects (Appaloosa Solar, Graphite, Turquoise), wind projects (Altamont, Hawkeye, Weaver Wind, Community Wind South), and battery energy storage systems (Holtville BESS, Rawhide Prairie), with projects distributed across multiple U.S. states.

Differentiator

Problem solved

Functional benefit

Brands

• GREC: Greenbacker Renewable Energy Corporation - sustainable infrastructure investment fund
• GREC II
• GDEV
• GROZ

Products and services

• Greenbacker Capital Management (GCM) Investment management subsidiary providing investment services for individual and institutional investors seeking exposure to sustainable infrastructure and clean energy projects.
• Greenbacker IPP Independent power production subsidiary owning and operating clean energy generation assets including solar projects.
• GREC Solar energy project under Greenbacker's renewable energy portfolio.
• GREC II Second solar energy project under Greenbacker's renewable energy portfolio.
• GDEV Green energy development fund supporting renewable energy project development under Greenbacker's portfolio.
• GROZ Solar operations entity supporting renewable energy operations under Greenbacker's portfolio.

Quantifiable outcome

• 17.1 million MWh of clean energy produced since 2016
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hannon Armstrong Sustainable Infrastructure Capital: US-focused capital provider and asset manager investing across climate solutions including renewable energy, energy efficiency, and sustainable infrastructure. Comparable integrated financing-and-asset-owning approach targeting institutional investors in real assets.
• Clearway Energy: US-focused renewable energy independent power producer with utility-scale solar, wind, and battery storage assets. Operates a similar model of owning/operating contracted clean energy assets, with comparable asset categories (solar, wind, storage) and US geographic exposure.
• Atlantica Sustainable Infrastructure: Owns and operates a diversified portfolio of renewable energy, efficient natural gas, electric transmission, and water assets in North America, South America, and Europe. Similar contracted clean-energy infrastructure model, though with broader geographic and technology mix.
• Altus Power: US commercial and distributed-scale solar developer and IPP. Greenbacker sold a 237 MW distributed solar portfolio to Altus in 2026, indicating they operate as both a competitor and counterparty in adjacent segments of the US solar market.
• NextEra Energy Partners: Yield-focused renewable energy IPP sponsored by NextEra Energy, owning contracted wind, solar, and battery storage assets across North America. Directly comparable as a US-centric renewable IPP with long-duration PPAs and tax-credit-driven project economics.

Broad incumbents

• Lightsource bp: Global utility-scale solar developer and IPP backed by bp, with significant US operations. Overlaps in solar development and ownership but operates at much larger scale and across more geographies.
• Brookfield Renewable Partners: One of the world's largest publicly traded renewable power platforms, operating utility-scale hydro, wind, solar, and storage globally. A broad incumbent with overlapping asset categories and an integrated development + operating model that dwarfs Greenbacker's 3.3 GW.

Regional players

• ReNew Energy Global: India-headquartered renewable energy IPP with utility-scale wind, solar, and storage assets. Comparable integrated renewable IPP and infrastructure platform, but operating in a different geography (India) than Greenbacker's US-only footprint.

Emerging players

• Pine Gate Renewables: Privately held US utility-scale solar developer and IPP with multi-GW pipeline. Comparable focus on developing, owning, and operating solar and storage projects, though earlier stage than Greenbacker in AUM scale.
• Vesper Energy: US-based developer and operator of utility-scale solar and storage projects. Comparable clean infrastructure developer with overlapping target asset categories and US geographic footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/greenbacker-group-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenbacker